Roundtable meeting with FASB Board Members

On May 27, 2008, the Accounting Standards Board of Japan (ASBJ) hosted a roundtable meeting, inviting Robert Herz, Financial Accounting Standards Board (FASB) Chairman and Michael Crooch, FASB Board member, at the Imperial Hotel in Tokyo to discuss global convergence of accounting standards. Approximately 30 constituents involved in the Japanese accounting system attended this meeting.

The meeting started with the opening remarks by Ikuo Nishikawa, ASBJ Chairman, followed by Chairman Herz and Mr. Crooch’s presentation entitled “A U.S. Perspective on International Convergence of Accounting Standards.” The discussions in the following Q&A session included issues regarding the readiness in the U.S. for adopting International Financial Reporting Standards (IFRS) and the current status of each convergence project between the FASB and the International Accounting Standards Board (IASB). Due to the active and fruitful discussion among the participants, the meeting went on beyond the scheduled time.

Contents of the Presentation by the FASB

  • Why is the U.S. Interested in International Convergence?
  • Official U.S. Encouragement for International Standards and Convergence
  • Possible Paths to a Single Set of Global Accounting Standards
  • Toward a Single Set of Global Standards : The Pace of Convergence is Accelerating
  • Challenges to Achieving Global Standards
  • What is Needed to Achieve a Truly Global Reporting System?
  • What is Needed Internationally?
  • What is Needed in the U.S.?
  • FASB and FAF Support a Single Set of High-Quality International Standards
  • Current Status of the U.S. Convergence Program
  • Completing the MoU
  • Summary

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